Monthly Archive:: March 2020

OCC Revises Short-Term Investment Fund Rule https://www.occ.gov/news-issuances/federal-register/2020/nr-occ-2020-38-federal-register.pdf The Office of the Comptroller of the Currency (OCC) today announced an interim final rule to revise its short-term investment fund (STIF) rule for national banks acting in a fiduciary capacity. The rule allows the OCC to ...Read More

by Charles W. Prueter, Waller Not one aspect of public life has gone unaffected by the current COVID-19 crisis — not even the Supreme Court’s building operations or oral argument schedule. The Court has postponed the next batch of oral arguments scheduled for March 23-25 ...Read More

Q: Our bank qualifies for the HMDA partial exemption. Some of the data points that we are exempt are things we don’t use, like credit scores or automatic underwriting systems. So in reporting these data points, should I report “Exempt” or “Not applicable” in ...Read More

The Alabama Bankers Association encourages consumers to be vigilant in protecting themselves from fraudulent activity particularly during the latest COVID-19 Coronavirus environment. Scammers will be working around the clock to deceive individuals into providing sensitive, personal information in order to wipe out their bank ...Read More

by Chris Couch, McGlinchey Stafford In Tims v. LGE Community Credit Union, the Eleventh Circuit upended how numerous banks think about their Overdraft Protection (“ODP”) obligations under Regulation E. In the wake of Tims, though, with some thought and clarification, banks can still use ...Read More

The last week of the legislative session before a lengthy spring break was filled with an extra dose of tension, as a pair of controversial bills hit the Senate floor and fears over a global health pandemic seized the state capital. On Tuesday, Senators ...Read More

Q: What type of concerns should the bank consider if we decided to host a podcast with one of our mortgage loan originators and one of his friends who is a realtor? Currently, the plan is for the podcast to discuss the housing market, ...Read More

By Grant Premo Lawsuits alleging claims under the Telephone Consumer Protection Act (commonly referred to as the “TCPA”) have more than tripled since 2011. A recent decision by the Eleventh Circuit Court of Appeals, however, may stem the tide of TCPA claims. On Jan. ...Read More

As predicted in last week’s edition, the association’s top 2020 legislative priority, the Financial Exploitation Prevention Act, unanimously passed the House of Representatives on Tuesday morning. The final vote was 99-0. Bill sponsor Rep. Chris Blackshear (R-Phenix City) did a masterful job of explaining ...Read More

Question: In some cases, our bank pulls an Automated Underwriting System (AUS) report, but ultimately not used in making the credit decision. Instead, the application is manually underwritten, and those results are used to make the credit decision. For HMDA purposes, do we still ...Read More